Why Cryptocurrencies Like Ethereum and Dogecoin Were Sinking Today
It certainly feels like we're in the midst of a crypto correction these days. Among the best asset classes for investment in the early days of the year, many digital coins and tokens have reversed course in recent days by trading lower.
That trend continued on Wednesday, with top coin Ethereum (CRYPTO: ETH) down by more than 2% in late afternoon trading and high-profile meme coin Dogecoin (CRYPTO: DOGE) sliding at a similar rate. Other altcoins were taking harder hits, including Axie Infinity (CRYPTO: AXS) and Optimism (CRYPTO: OP), which were heading south at a nearly 6% and almost 11% clip, respectively.
Interestingly, it seems a major factor driving crypto prices skyward recently might be a reason for them sliding now. Spot Bitcoin exchange-traded funds (ETFs) continue to surge in popularity, soaring to multiweek highs in trading action on Tuesday. According to crypto news and analytics site TheBlock.com, the volume of such securities that day reached nearly $2.6 billion.
Source Fool.com
